Wall Street drops as coronavirus cases rise worldwide
Stocks fell sharply on Thursday with the Dow plunging 1,861.82 points and the S&P 500 down 188.04 as U.S. coronavirus cases climbed, eroding optimism for a swift economic recovery. Tech and energy led losses while gold rose as investors sought safe assets.
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Unemployment claims ease but layoffs remain high
About 1.5 million people filed for unemployment benefits in the latest week, the 10th straight drop from the peak. While May jobs rose by 2.5 million, the unemployment rate stands at 13.3 percent, with 32.5 million workers estimated out of work when counting broader measures.
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Tech companies pause facial recognition sales to police
Microsoft joined Amazon and IBM in suspending sales of facial recognition to U.S. police until a national human rights grounded law is enacted. Brad Smith urged Congress to regulate the tech as protests over racial injustice and police practices continue. The roundup also notes Biden’s aggressive campaign stance amid the pandemic and broader economic data from the U.S. and China.
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